Barclays PLC ( NYSE: BCS, OTC: BCLYF)

This lawsuit is for anyone who acquired securities in Barclays PLC (NYSE: BCS, OTC: BCLYF) from July 22, 2019 through October 12, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by continually hiding the nature of the Company’s Group Chief Executive, James E. “Jes” Staley’s relationship with Jeffrey Epstein, especially that Mr. Staley knew of and possibly participated in Mr. Epstein’s illegal activity.

On November 1, 2021, Barclays disclosed that its Group Chief Executive, James E. “Jes” Staley, would be departing the Company, stating that “the preliminary conclusions from the FCA and the PRA of their investigation into Mr[.] Staley’s characterisation to Barclays of his relationship with the late Mr[.] Jeffrey Epstein and the subsequent description of that relationship in Barclays’ response to the FCA” and “Mr[.] Staley’s intention to contest” those conclusions led to the mutual decision of his departure. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on November 12, 2021, the Financial Times reported that Staley had “exchanged 1,200 emails with Jeffrey Epstein over a four-year period” with “unexplained phrases.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Then, on March 8, 2023, JPMorgan Chase Bank filed a third-party complaint against Staley for indemnity, contribution, breach of fiduciary duty, and breach of the faithless servant doctrine, alleging that “Staley knew without any doubt that Epstein was trafficking and abusing girls” and that he “personally spent time with young girls whom he met through Epstein on several occasions”; “personally visited young girls at Epstein’s apartments located at 301 East 66th Street”; “personally observed Epstein around young girls”; and personally observed “Epstein sexually grab young women in front of him.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Finally, on October 12, 2023, the FCA announced that it had decided to fine Staley £1.8 million and “ban him from holding a senior management or significant influence function in the financial services industry” after finding that he “recklessly approved a letter sent by Barclays to the FCA, which contained two misleading statements, about the nature of his relationship with Jeffrey Epstein and the point of their last contact.” Specifically, “[t]he letter claimed that Mr[.] Staley did not have a close relationship with Mr[.] Epstein. In reality, in emails between the two Mr[.] Staley described Mr[.] Epstein as one of his ‘deepest’ and ‘most cherished’ friends.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Barclays PLC (NYSE: BCS, OTC: BCLYF) from July 22, 2019 through October 12, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.